Journal articles on the topic 'International trade and investment law'
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DiMascio, Nicholas, and Joost Pauwelyn. "Nondiscrimination in Trade and Investment Treaties: Worlds Apart or Two Sides of the Same Coin?" American Journal of International Law 102, no. 1 (January 2008): 48–89. http://dx.doi.org/10.1017/s000293000003983x.
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For global business, international trade and investment are bound at the hip. When businesses trade internationally, goods or services cross borders; when they invest, it is capital and other factors of production that do so. Companies trade to supply their foreign investments; they invest to facilitate and diversify their trade. In contrast, international law addresses trade and investment separately and regulates them in ways that are dramatically different. First, trade has been governed multilaterally since 1947 through what today is the World Trade Organization (WTO), whereas close to 2,600 separate bilateral investment treaties (BITs), which mushroomed only in the 1980s and 1990s, now regulate foreign direct investment (FDI). Second, hundreds of increasingly sophisticated WTO rules discipline trade, whereas a mere handful of principles cover investment—many of which derive from customary international law. Third, trade agreements are enforced exclusively between states, with reciprocal trade sanctions as the remedy of last resort; under investment treaties, private companies have standing to claim monetary damages from host country governments.
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Gourgourinis, Anastasios. "Domestic Investment Incentives in International Trade Law." World Trade Review 22, no. 1 (January 13, 2023): 35–54. http://dx.doi.org/10.1017/s147474562200043x.
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AbstractDomestic Investment Laws (DILs), a prominent tool of contemporary unilateral International Economic Law (IEL) in the context of the Liberal International Order (LIO), consistently provide for investment incentives as a key aspect of domestic industrial policies geared to influence investment location decisions. The various types of investment incentives include fiscal measures to attract investment, direct subsidies, and other regulatory measures aimed at creating favorable administrative and regulatory conditions for investment. This article analyzes how the provisions of the World Trade Organization (WTO) Agreements contain basic disciplines and set limitations for the distortive effects of investment incentives. It is argued that the relevance of WTO law for domestic investment incentives should not be under-stated; rather, DILs providing investment incentives should be treated as a limited exception to the ongoing move from international to domestic in the era of the LIO.
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Sabahi, Borzu, Ian A. Laird, and Giovanna E. Gismondi. "International Investment Law and Arbitration: History, Modern Practice, and Future Prospects." Brill Research Perspectives in International Investment Law and Arbitration 1, no. 1 (February 1, 2018): 1–64. http://dx.doi.org/10.1163/24055778-12340001.
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AbstractInternational Investment Law is one of the most dynamically growing fields of International Law as shown by the volume of Bilateral Investment Treaties (bits), and investment chapters in a growing numbers of regional and mega-regional trade agreements. This paper explores the origin, evolution and operation of International Investment Law. It discusses the main actors, the protections afforded to foreign investments and investors, and the content of modernbits. The legal issues and challenges International Investment Law faces today are brought into perspective. Particularly, this paper provides an assessment of the measures put forth by the European Union aimed at transforming the traditional investor-State arbitration system to an Investment Court System. An examination of thenaftare-negotiations is also presented, including the impact thatceta, a trade deal between theeuand Canada could have in the outcome of the current re-negotiations.
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Tamayo-Álvarez, Rafael. "The Strategic Use of International Investment Law in Colombia – Textiles: Navigating within the International Regime Complex for Development." Law and Development Review 13, no. 1 (February 25, 2020): 31–58. http://dx.doi.org/10.1515/ldr-2018-0080.
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AbstractTrade-based money laundering (TBML) is a major concern in Colombia, where criminal organisations employ under-invoicing to conceal drug-trafficking proceeds. In response, Colombia imposed a compound tariff on certain Panamanian importations that were considered linked to this phenomenon. Alleging that the policy measure infringed Colombia’s tariff concessions, Panama activated the World Trade Organisation (WTO) dispute settlement mechanism. The dispute revolved around Article II:1 of the General Agreement on Tariff and Trade 1994. Colombia argued that this norm should be interpreted as to encompass licit trade only. Colombia looked for normative support in the investment treaty regime by establishing a parallel between undervalued imports and illegal investments. Therefore, just as investment treaty tribunals abstain from extending international legal protection to illegal investments, the WTO adjudicating bodies should not extend tariff concessions to importations linked to TBML activities. This article contends that by transplanting a more favourable doctrine of legality from the investment treaty regime to the multilateral trade regime, Colombia engaged in strategic regime shifting. Accordingly, drawing on regime complexes analysis, the article argues that by considering development a common issue-area, it is possible to articulate strategic connections between both regimes.
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Vergano, Paolo R., and Tobias Dolle. "The Trade Law Consequences of “Brexit”." European Journal of Risk Regulation 7, no. 4 (December 2016): 795–800. http://dx.doi.org/10.1017/s1867299x00010229.
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AbstractThis section highlights the interface between international trade and investment law and municipal and international risk regulation. It is meant to cover cases and other legal developments in WTO law (SPS, TBT and TRIPS Agreements and the general exceptions in both GATT 1994 and GATS), bilateral investment treaty arbitration and other free trade agreements such as NAFTA. Pertinent developments in international standardization bodies recognized by the SPS and TBT Agreement are also covered.
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Gâlea, Ion, and Bogdan Biriş. "National treatment in international trade and investment law." Acta Juridica Hungarica 55, no. 2 (June 2014): 174–83. http://dx.doi.org/10.1556/ajur.55.2014.2.7.
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VOON, TANIA. "Consolidating International Investment Law: The Mega-Regionals as a Pathway towards Multilateral Rules." World Trade Review 17, no. 1 (April 25, 2017): 33–63. http://dx.doi.org/10.1017/s147474561700009x.
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AbstractPessimism abounds in international economic law. The World Trade Organization (WTO) faces an uncertain future following its Ministerial Conference in Nairobi in 2015. International investment law is under attack in countries around the world, while mega-regional agreements such as the Trans-Pacific Partnership and the Trans-Atlantic Trade and Investment Partnership are beset by world events, from the United States’ federal election to the unexpected Brexit outcome. Yet the appetite of numerous States to continue forging plurilateral trade and investment deals provides some cause for hope. Viewed alongside other institutional developments including consensus-building work at the United Nations Conference on Trade and Development and the United Nations Commission on International Trade Law, the potential arguably now exists for credible movement towards multilateral rules in investment law. While the WTO's current negotiating stalemate highlights the difficulties in reaching agreement among 164 Members, international trade law offers lessons for working towards multilateralism in the international investment law field. Alongside informal discussions about a world investment court, mega-regionals provide a vehicle for future multilateral investment rules, particularly through the Comprehensive Economic and Trade Agreement between Canada and the European Union, and the Regional Comprehensive Economic Partnership currently under negotiation in Asia.
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JOHNSTON, ADRIAN M., and MICHAEL J. TREBILCOCK. "Fragmentation in international trade law: insights from the global investment regime." World Trade Review 12, no. 4 (June 12, 2013): 621–52. http://dx.doi.org/10.1017/s1474745613000128.
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AbstractWith World Trade Organization negotiations stagnant, and preferential trade agreements (PTAs) rapidly proliferating, international trade relations are shifting markedly toward bilateralism. The resulting fragmentation in the international trade regime poses serious risks to economic welfare and the coherence of international trade law. Similar challenges have been faced in the international investment regime, which is comprised of a highly fragmented network of bilateral investment treaties (BITs). However, scholars have identified several mechanisms that promote harmonization in the international investment regime. Among these are cross-treaty interpretation in dispute settlement and the inclusion of most-favoured nation (MFN) clauses in BITs. This paper assesses the scope for these two mechanisms to emerge in the international trade regime by comparing the legal framework, institutional dynamics, and political economy of the trade and investment regimes. The analysis suggests that cross-treaty interpretation is likely to emerge in the trade regime as PTA dispute settlement activity increases and that greater use of MFN clauses in PTAs is a viable possibility. These developments would mitigate the effects of fragmentation and advance harmonization in the international trade regime.
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Garcia, Frank J., Lindita Ciko, Apurv Gaurav, and Kirrin Hough. "Reforming the International Investment Regime: Lessons from International Trade Law." Journal of International Economic Law 18, no. 4 (December 2015): 861–92. http://dx.doi.org/10.1093/jiel/jgv042.
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Ortino, Federico, and Karl P. Sauvant. "Extending International Legal Aid from Trade to Investment: An Advisory Centre on International Investment Law." Global Trade and Customs Journal 16, Issue 10 (October 1, 2021): 548–54. http://dx.doi.org/10.54648/gtcj2021066.
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Several mechanisms at the international level provide legal aid to lower-income States to strengthen ‘access to justice’ and ‘equality among States’, whether through direct financial support or institutional legal assistance. After reviewing the concept of international legal aid, this article makes the case for the creation of an Advisory Centre on International Investment Law (ACIIL) to provide support to respondent States involved in disputes brought by private investors based on international investment treaties and other instruments, as part of investor-State dispute settlement (ISDS). The increasing costs, complexity and number of investor-State arbitrations has strengthened the need for an international legal aid mechanism in this area, to put under-resourced developing countries in a better position to have affordable access to justice and defend themselves adequately in international investment disputes. This would level the playing field, strengthen the confidence of governments in a reformed investment regime and thereby enhance its legitimacy. Drawing on the experience of the Advisory Centre on WTO Law (ACWL), the article discusses the rationale, key features and current policy challenges of an Advisory Centre on International Investment Law. Advisory Centre on WTO Law, Advisory Centre on International Investment Law, international legal aid, access to justice, investor-state disputes, international investment law, multinational enterprises
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Chaisse, Julien, and Georgios Dimitropoulos. "Special Economic Zones in International Economic Law: Towards Unilateral Economic Law." Journal of International Economic Law 24, no. 2 (May 18, 2021): 229–57. http://dx.doi.org/10.1093/jiel/jgab025.
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ABSTRACT The international economic regime has entered a new phase of reassertion of sovereignty by States. While States continue to show respect for the values of international (economic) law, the institutionalization of these values has devolved from the international (to the regional) to the domestic level of governance. A new form of ‘unilateral economic law’ is thus gaining importance in the development of international and domestic laws and institutions. However, it remains largely understudied. This article discusses the development and proliferation as well as the importance of special economic zones as a new form of unilateral economic law in the overall system of international economic law. This article identifies four types of economic unilateralism: classical unilateralism, embedded unilateralism, sustainability unilateralism, and national security unilateralism. The new special economic zone unilateralism represents a middle ground between the two extremes of unilateral liberalization and aggressive unilateralism. Accordingly, special economic zone unilateralism introduces a new layer in the overall system of international economic law. First, special economic zones embody a new compromise between the State and the market. The State-controlled promotion of trade and investment taking place through special economic zones represents a complex compromise between the liberalization and protection of economic sovereignty. Second, the spatiality of trade and investment promotion through special economic zones is different from that of international economic law. The liberalization of trade and investment does not take place for the whole country but for an isolated jurisdiction within the broader national jurisdiction, while the focus is on the supply side rather than the traditional input factors of production. Overall, the new special economic zone unilateralism provides insights into the future of international economic law as envisaged by States. Special economic zones have been employed by States both as an alternative and as a complement to trade and investment promotion through the instruments of international economic law.
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Chaisse, Julien, and Matthieu Burnay. "Introduction – CAI’s Contribution to International Investment Law: European, Chinese, and Global Perspectives." Journal of World Investment & Trade 23, no. 4 (August 5, 2022): 497–520. http://dx.doi.org/10.1163/22119000-12340258.
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Abstract The European Union and the People’s Republic of China ‘in principle’ concluded the Comprehensive Agreement on Investment (CAI). Considering that the agreement has been passed in the backdrop of dynamic multi-fora trade and investment policy-making practices, both parties’ negotiations at the bilateral, multilateral and plurilateral levels require testing. This is important to understand whether the growth of bilateral and regional agreements and the fragmentation of international economic law are enablers or roadblocks to further liberalisation of international trade and investment. This Special Issue shall analyse the CAI and argue in favour of the importance of this development. It will examine the current hyper-politicisation and geo-politicisation of investment treaties to situate the symbolic importance of the CAI. In lieu of the uncertainty of final ratification of CAI and sanctions imposed by China, this article (and the whole Special Issue it introduces) are a timely academic contribution that shall trace its scope and potential effectiveness and enable much-needed discourse.
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Silva, E. M. D., and B. R. S. Campos. "Possible Legal Cooperation for a BRICS Perspective on International and Transnational Economic Law." BRICS Law Journal 8, no. 4 (December 6, 2021): 31–37. http://dx.doi.org/10.21684/2412-2343-2021-8-4-31-37.
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This research paper seeks to identify and analyze the regulations that rule the economic life of the BRICS countries in the fields of foreign investment’s law, competition law and global administrative law, and further to identify points of convergence and divergence among them in order to indicate the possibilities of legal cooperation to facilitate economic exchanges and investments flow among them. We believe that the possible bottlenecks in trade and investment can be overcome mostly by exchange of experiences, to mitigate the lack of knowledge on national laws and regulations, and by the creation of cooperative mechanisms that facilitate the economic flow among them.
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Ofodile, Uche Ewelukwa. "The Past and Future of African International Law Scholarship: International Trade and Investment Law." Proceedings of the ASIL Annual Meeting 107 (2013): 194–98. http://dx.doi.org/10.5305/procannmeetasil.107.0194.
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Büthe, Tim, and Helen V. Milner. "Foreign Direct Investment and Institutional Diversity in Trade Agreements: Credibility, Commitment, and Economic Flows in the Developing World, 1971–2007." World Politics 66, no. 1 (December 29, 2013): 88–122. http://dx.doi.org/10.1017/s0043887113000336.
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International trade agreements lead to more foreign direct investment (FDI) in developing countries. This article examines the causal mechanisms underpinning this trade-investment linkage by asking whether institutional features of preferential trade agreements (PTAs), which allow governments to make more credible commitments to protect foreign investments, indeed result in greater FDI. The authors explore three institutional differences. First, they examine whether PTAs that have entered into force lead to greater FDI than PTAs that have merely been negotiated and signed, since only the former constitute a binding commitment under international law. Second, they ask whether trade agreements that have investment clauses lead to greater FDI. Third, they consider whether PTAs with dispute-settlement mechanisms lead to greater FDI. Analyses of FDI flows into 122 developing countries from 1971 to 2007 show that trade agreements that include stronger mechanisms for credible commitment induce more FDI. Institutional diversity in international agreements matters.
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PEKKANEN, SAADIA. "Investment regionalism in Asia: new directions in law and policy?" World Trade Review 11, no. 1 (December 13, 2011): 119–54. http://dx.doi.org/10.1017/s1474745611000383.
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AbstractAlthough Asian regionalism has commanded much attention from academics and policymakers, it has largely been restricted to the trade and financial realms. This paper focuses specifically on the scope and limits of ‘investment regionalism’ involving Asia. A combination of regional foreign direct investment (FDI) stakes and international socialization patterns has led Asian actors to mark investments as a key issue in their regionalism strategy overall. As elsewhere, they too have moved toward a mode of governance favoring the formal legalization of investments in terms of the precision, obligation, and delegation of rules. Already the endeavors of both the middle and dominant economies in the region have shifted from just concluding Bilateral Investment Treaties (BITs) and investment-related chapters in Free Trade Agreements (FTAs) to designing region-wide investment agreements and initiatives by-and-for Asian countries. Although the legal effectiveness of this rule-making change will play out in the long run in and across Asian societies, the more immediate policy implication relates to its potential impact on the evolution of Asian regionalism as a whole.
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Cheng, Peicheng. "Settings in Trading Services International Economic Law." International Journal of Science and Society 1, no. 1 (June 17, 2019): 24–37. http://dx.doi.org/10.54783/ijsoc.v1i1.7.
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International trade, as one part of economic activity or business activities, in the last decade, has shown very rapid development, amid increasing business attention on global business activities. This phenomenon can be seen from the increased circulation of goods, services, capital and labor between countries, and the development of business activities through export-import relations, investment, service trade, licensing and franchising, intellectual property rights, and various other international types trading.
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Svoboda, Ondrej. "EU Reform Agenda in Defence of the Judicialization of International Economic Law." European Foreign Affairs Review 25, Issue 2 (August 1, 2020): 177–96. http://dx.doi.org/10.54648/eerr2020018.
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A widely-recognized ‘backlash against globalization’ has taken many forms in recent years, particularly in the resurgence of nationalism and protectionism. Following the rise of a legitimacy crisis in the international regime for the protection of investments, the Trumpanian attack on the World Trade Organization (WTO) Appellate Body undermines a crucial function of this organization. In this context, the European Union has traditionally been seen as an advocate of the rule of law at an international level. Currently, it leads the way to maintain rules-based global economic governance by submitting detailed proposals to reform international trade and investment adjudication bodies and galvanizing broad support for them amongst other countries. Specifically, the European Union (EU) proposes the establishment of a multilateral investment court (MIC), which it considers to be the best option to address the concerns with the existing system of investor-State dispute resolution (ISDS). At the WTO, the EU has tabled two sets of proposals to answer concerns from the US and modify the relevant parts of the Dispute Settlement Understanding (DSU). After the collapse of the WTO Appellate Body, the EU led an initiative to create an interim appeal arbitration arrangement. This article argues that, in the absence of leadership by the US, the EU plays an essential role in maintaining trade and investment governance built on international law. This article identifies two different EU approaches in its attempt to (1) modernize an existing adjudication body at the WTO and (2) promote establishment of a new judicial institution for the resolution of investment disputes. In both ways, the EU acts as an innovator in terms of international governance. European Union, reform, judicialization, WTO, Appellate Body, UNCITRAL, investor-state dispute settlement (ISDS), multilateral investment court
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Hoseinzadeh, Javad, and Amin Rostamzadeh. "Discussion Intervention of Internal and International Merchant from Foreign Investment Law and New Draft Trade Law of Iran." Review of European Studies 8, no. 4 (September 20, 2016): 56. http://dx.doi.org/10.5539/res.v8n4p56.
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<p>The law makers are trying to compile special and independent commerce law pertinent to each other in the form of law for attracting foreign investment in their countries to grow foreign commerce and attract foreign investor and merchant.</p><p>Comparative discussion of law maker point of view in “foreign investment law approved 2002 of Iran” and “new draft trade law of Iran approved 2011” from legal definition of foreign investor and merchant especially in cases pertinent to intervention and referred to each other are of the most important issues of this article.</p><p>Based on result, as for necessity of attraction Iranian and Non-Iranian merchant by investment with foreign origin, criticism was taken to the new draft trade law of Iran approved 2011 as new law which fundamentally should have dynamic and reliability property based on the needs of modern business and international trade, lack of explicitly pointing to legal gap about legal discrimination between foreign investor and Iranian investor qualified is in the form of foreign investor which in these conditions Iranian investor must be have legal description merchant in discriminatory approach that it is between an Iranian and foreign investor in terms of providing documentation from Iranian and this legal description must be evaluated from a legal standpoint by new draft trade law of Iran approved 2011, to benefit from Iran’s foreign trade facilitation and the way of law enforcement is contrary to the manner of foreign investment and this is the other ambiguity cases law which is discriminate with foreign investment low and needs restoration.</p><p>Specifically suggest this article, separation, adding and determine the condition of subjects the definition of foreign investor and merchant and clarification of the relationship between foreign investment law approved 2002 of Iran and new draft trade law of Iran approved 2011 as commercial law.</p>
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Alvarez, José E. "The International Law of Property." American Journal of International Law 112, no. 4 (October 2018): 771–79. http://dx.doi.org/10.1017/ajil.2018.72.
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On the surface, the two books under review seem to have little in common. The Bonnitcha/Poulsen/Waibel (BPW) book, written by two legal academics and a political scientist, provides a balanced, fact-grounded account of international investment agreements (IIAs) and investor-state dispute settlement (ISDS). This is the “international treaty regime” in that book's title which the authors argue needs to be distinguished from the broader “international regime complex” that their book explicitly does not address, namely the number of other international instruments that at least incidentally also protect foreign investments (including, for example, political risk insurance, tax treaties, certain World Trade Organization agreements, and certain human rights treaties like the European Convention on Human Rights (ECHR)) (p. 7 and Figure 1.2). As one of the encomiums on its back cover page suggests, the BPW book seeks to answer the fraught competing contentions of defenders and critics of the regime that all too frequently generate “more heat than light.” Their book dispassionately synthesizes the available legal, economic, and political literature relevant to understanding the investment treaty regime's oft-proclaimed “legitimacy crisis.” It seeks to supply lawyers needing political context and political scientists needing legal knowledge with the unfiltered facts required to assess whether such a “crisis” exists and, if so, what the ways forward might be.
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Boisson de Chazournes, Laurence. "International economic law and the quest for universality." Leiden Journal of International Law 32, no. 3 (June 7, 2019): 401–14. http://dx.doi.org/10.1017/s0922156519000220.
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AbstractThe quest for universality in international economic law has met many obstacles. This article begins from the proposition that there are various ways to conceive of universality in international law, for example whether the rules are accepted widely among states (omnipresence) or whether they are broadly coherent (generality). Homing in on trade and investment law, the article assesses how each of these areas has functioned as a testing ground for these different conceptions. An in-built quasi-universality characterizes international trade law with the WTO as a seemingly centralized universal institution. Such universality, however, has often been achieved through differentiation of rights and obligations (e.g., the Enabling Clause and regional trade agreements). In investment law, attempts at universalization through the construction of centralized institutions have failed. Nevertheless, certain common standards have emerged in this fragmented regime. There is also a debate around the use of the MFN clause as a universalizing tool and renewed efforts to universalize investment law are afoot. More generally, it is clear that there is little appetite for codification of international economic law, and that states wish to control its content through the conclusion of treaties. In the final analysis, this article asks whether it is time to conceive of universality differently, and particularly whether equity and collective preferences should be a more central part of the quest.
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Petersmann, Ernst-Ulrich. "“FRAGMENTATION” OF INTERNATIONAL LAW AS A STRATEGY FOR REFORMING INTERNATIONAL INVESTMENT LAW." Italian Yearbook of International Law Online 23, no. 1 (November 17, 2014): 49–68. http://dx.doi.org/10.1163/22116133-90230037.
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International economic law (IEL) continues to evolve through dialectic processes of unilateral, bilateral, regional and worldwide regulation aimed at protecting cosmopolitan rights and transnational rule of law in mutually beneficial economic cooperation among citizens in a globalizing economy (section 1). The more transnational protection of cosmopolitan rights (e.g., human rights, trading, investor and social rights) depends on multilevel cooperation among national and international courts, the stronger becomes the need for justifying “multilevel judicial governance” by conceptions of “cosmopolitan” and “constitutional justice” rather than only by “Westphalian justice” and “commutative justice”, as reciprocally agreed in treaties among States (section 2). “Fragmentation” of “IEL among States” through multilevel economic regulation and adjudication (e.g., inside free trade areas and economic communities) is a necessary strategy for reforming international law for the benefit of citizens. In order to remain legitimate and reconcile the rational self-interests of citizens with their reasonable common interests, investment arbitration must remain embedded into multilevel human rights law and respect for legitimate “constitutional pluralism” protecting cosmopolitan rights, transnational “participatory” and “deliberative democracy” and rule of law through “consistent interpretations” and “judicial comity” among national and international courts of justice (section 3).
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Ciampi, Annalisa. "The Divide Between Human Rights, International Trade, Investment and Development Law." Volume 61 · 2018 61, no. 1 (June 20, 2019): 251–93. http://dx.doi.org/10.3790/gyil.61.1.251.
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This article comprehensively reconstructs the historical developments that have led to the particular evolution of human rights law as distinct from international trade and investment law as well as international development law. It submits that one of the causes of the current crisis of the international human rights regime lies in its relative isolation from these other domains of global governance. It thus argues for the desirability to overcome such a separation and examines prospects of feasibility. China’s new international human rights diplomacy is critically assessed amongst current efforts to bridge normative and institutional divides that could pave the way for human rights-coherent economic and development policies. Keywords: Human Rights, Havana Charter, New International Economic Order, WTO, International Investment Law, Sustainable Development, China’s Human Right Diplomacy
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Dongli, Huang. "Commentary on “Trade, Investment and Beyond”." China Quarterly 191 (September 2007): 742–44. http://dx.doi.org/10.1017/s0305741007001701.
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In her article, Julia Ya Qin draws conclusions from the accession of China to the WTO which reflects the effects of WTO obligations on China's constitutional law, the development of foreign trade law, the foreign investment regime, intellectual property rights protections and general rule-of-law conditions. With respect to foreign trade law, the foreign investment regime and intellectual property rights protections, it is not difficult to observe the legal consequences the accession has brought and will bring to China. However, Qin's article goes beyond these general observations and provides profound insights on significant effects of the WTO obligations on China's economic reforms as well as rule of law processes. This essay comments on arguments she has presented on these issues.
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Zwolankiewicz, Agata. "Multilateral Investment Court – a Cure for Investor-State Disputes Under Extra-EU International Investment Agreements?" Groningen Journal of International Law 9, no. 1 (September 28, 2021): 195–211. http://dx.doi.org/10.21827/grojil.9.1.195-211.
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Both branches of international economic law – international investment and trade law are currently in crisis. Many reforms have been proposed to cure the shortcomings of their dispute resolution mechanisms. Distinctive though they are, it seems that the newest EU’s proposal to establish the Multilateral Investment Court is heavily inspired by the dispute settlement system which exists in the World Trade Organization. The new system has been introduced to replace the investor-State dispute settlement mechanism existing in most investment treaties. In this article, the author assesses the objectives of the reform through the prism of successes and failures of the WTO dispute settlement system.
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Gehring, Markus, Sean Stephenson, and Marie-Claire Cordonier Segger. "Sustainability Impact Assessments as Inputs and as Interpretative Aids in International Investment Law." Journal of World Investment & Trade 18, no. 1 (January 24, 2017): 163–99. http://dx.doi.org/10.1163/22119000-12340034.
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Sustainability impact assessments (SIAs) act as bridges between trade and investment agreements and social, environmental and human considerations. They are relevant as inputs into the treaty negotiation process and as interpretive aids in investment treaty arbitration. As inputs, SIAs attempt to measure the impact of environmental, social, economic and human rights aspects of trade and investment agreements prior to and during a treaty’s negotiation. SIAs have been performed on all major negotiations in the EU since 1999, and will continue to be performed under its investment competence. Case studies in this article demonstrate how SIAs may include climate change. Additionally, legal recommendations are offered which, if adopted by the Directorate General for Trade, should increase the effectiveness of SIAs. As interpretive aids, SIAs may be key references in treaty interpretation arguments in light of increased environment and development related investment disputes and focus on sustainable development policy space.
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Chaisse, Julien, and Georgios Dimitropoulos. "Domestic Investment Laws and International Economic Law in the Liberal International Order." World Trade Review 22, no. 1 (January 13, 2023): 1–17. http://dx.doi.org/10.1017/s1474745622000404.
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AbstractInternational Economic Law (IEL) has largely regulated cross-border trade and investment in the post-WWII world. IEL has become an important part of the Liberal International Order that prescribes a set of rule-based relationships for international cooperation based on political liberalism, economic liberalism, and liberal internationalism. However, economic globalization has witnessed a relative decline, especially after the 2008 global financial crisis and the COVID-19 pandemic. This form of ‘de-globalization’ challenges the assumptions upon which modern IEL is premised. This introductory article to the special issue on ‘Domestic Investment Laws and International Economic Law in the Liberal International Order’ explains how domestic law has started playing an increasingly important role in regulating foreign investment. Often overlooked instruments such as Domestic Investment Laws, Investment Screening Mechanisms, and Investment Promotion Agencies are now important tools in promoting or restricting foreign investment flows. Expanding on this premise, the article examines the transition from international to domestic in the Liberal International Order with a focus on Domestic Investment Laws. The move to domestic law does not signal a new era of economic isolation for States. Instead, it presents an effort to achieve similar ends of attracting foreign investors using different means while exercising more control over foreign investment.
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Klodt, Henning. "International Trade, Direct Investment, and Regulations in Services." World Competition 12, Issue 2 (June 1, 1988): 49–67. http://dx.doi.org/10.54648/woco1988011.
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Lavranos, Nikos. "CJEU Opinion 1/17: Keeping International Investment Law and EU Law Strictly Apart." European Investment Law and Arbitration Review Online 4, no. 1 (December 16, 2019): 240–59. http://dx.doi.org/10.1163/24689017_00401011.
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With Opinion 1/17, the Court of Justice of the European Union (CJEU) approved the Investment Court System (ICS) contained in the Comprehensive Economic Trade Agreement (CETA) between the EU and Canada. This means that the EU can proceed with the ratification process of the investment protection part of CETA and the other free trade agreements it has concluded, and which contain a similar ICS. However, as the author illustrates, the approval of the ICS is conditioned by a complete isolation of EU law from international investment law. More specifically, the CJEU made clear that the ceta tribunals operate outside the EU legal order and have no power to interpret or apply EU law. At the same time, the CJEU highlighted the importance that the ceta Parties adopt supplemental rules for reducing the financial burden for access to the ICS for small and medium-sized enterprises (SMES). Additionally, the CJEU rejected the currently existing possibility that binding joint interpretations of the ceta Parties could have retroactive effect. In sum, the approval of the ICS by the CJEU enables the European Commission to continue to develop the multilateral investment court (MIC) within the uncitral Working Group iii as long as it follows the blueprint of the CETA ICS.
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Beveridge, Fiona. "Foreign investment in the WTO." Northern Ireland Legal Quarterly 57, no. 3 (August 10, 2020): 513–38. http://dx.doi.org/10.53386/nilq.v57i3.845.
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This article explores the application of the policy science concepts of ‘policy frames’ and ‘policy transfer’ as explanatory tools in the study of law and legal reform. It does so by examining the transformation in international law of foreign investment issues from a state-centred classical international law frame, within which foreign investment appeared as a property issue and protection of property as the central objective of law, to a market-centred neo-liberal frame, under which foreign investment is regarded as a ‘trade’ issue and growth-oriented liberalization of trade the central objective of law. This transformation can be summarised very crudely as the replacement of a discourse in which states have rights and multinationals have duties, by one in which states have duties and multinationals have rights. However, this transformation is neither complete, nor uncontroversial. This article considers recent efforts to launch negotiations for a multilateral agreement on investment within the WTO from this ‘framing’ perspective and concludes that framing analysis may have useful applications in the study of law.
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Voon, Tania, and Hope Nadine Johnson. "Sustainable Healthy Food Choices: Dietary Guidelines and International Economic Law." QUT Law Review 18, no. 1 (November 22, 2018): 45. http://dx.doi.org/10.5204/qutlr.v18i1.727.
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Building on the companion piece by Christine Parker and Hope Johnson on international instruments supporting holistic dietary guidelines, this article examines potential concerns raised by such guidelines under international trade law and international investment law. Drawing lessons from the World Health Organization Framework Convention on Tobacco Control (‘WHO FCTC’) and its relevance to recent disputes in international economic law, this article examines the role of international instruments in supporting domestic dietary guidelines that could be challenged in the dispute settlement system of the World Trade Organization (‘WTO’) or under investor-state dispute settlement. The article includes an assessment of the potential impact of international economic laws on holistic dietary guidelines and related regulatory interventions, as well as a discussion of how a WHO treaty on healthy and sustainable diets could influence the interpretation and application of key trade and investment provisions. The article concludes that holistic dietary guidelines can be implemented in a manner consistent with international economic law, at least if local products are not prioritised.
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Akseli, N. Orkun. "The Interpretation Philosophy of Secured Transaction Law Conventions." European Review of Private Law 21, Issue 5/6 (November 1, 2013): 1299–318. http://dx.doi.org/10.54648/erpl2013078.
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Abstract: Uniform secured transaction law conventions are critical instruments in efforts to reduce the cost of credit and increase cross-border investment and trade. They present neutral sets of rules. Their provisions need to be construed autonomously, considering their neutral and international character and the need to establish predictability, transactional certainty, and good faith. This article examines the interpretation philosophy of three significant uniform secured transaction law conventions, namely the United Nations Convention on the Assignment of Receivables in International Trade, UNIDROIT Convention on International Factoring, and UNIDROIT Convention on International Interests in Mobile Equipment. Résumé: Les conventions relatives à la législation uniforme sur les operations garanties sont des instruments indispensables pour réduire le coût du crédit, et pour accroître l'investissement et le commerce transfrontalier. Les conventions édictent des règles neutres. Leurs dispositions doivent être interprétées de façon autonome, à la lumière de leur caractère neutre et international et afin d'assurer une prévisibilité, une certitude transactionnelle ainsi que la bonne foi. Cet article examine la philosophie d'interprétation de trois conventions: la Convention des Nations Unies sur la Cession de Créances dans le Commerce International, la Convention d'Unidroit sur l'Affacturage International, et la Convention d'Unidroit relative aux Garanties Internationales Portant sur des Matériels d'Equipement Mobiles. Zusammenfassung: Die Konventionen zum Recht der Kreditsicherheiten spielen eine gewichtige Rolle für die Reduzierung von Kreditkosten und die Erleichterung von grenzüberschreitenden Investitionen und Handel. Sie stellen dabei neutrale Rechtsregeln dar. Die entsprechenden Vorschriften müssen demzufolge unter Berücksichtigung ihres neutralen und internationalen Charakters, sowie dem Grundsatz der Vorhersehbarkeit autonom ausgelegt werden. Der vorliegende Aufsatz untersucht die Auslegungsphilosophie von drei bedeutenden Konventionen zum Recht der Kreditsicherheiten, nämlich der UN Konvention über das Recht der Forderungsabtretung im internationalen Handel, der UNIDROIT Konvention über das internationale Factoring und der UNIDROIT Konvention über internationale Sicherungsrechte an beweglicher Ausrüstung.
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Tridimas, Takis. "I. Company Law and Trade in Securities." International and Comparative Law Quarterly 46, no. 1 (January 1997): 202–5. http://dx.doi.org/10.1017/s0020589300060188.
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In the last two years there has been significant legislative activity in the field of company law. The most important development in the field of securities law has been the adoption of a directive amending, inter alia, the Investment Services Directive1 and the directive on undertakings for collective investments in transferable securities2, with a view to reinforcing prudential supervision3. A number of initiatives have been taken with a view to preparing for economic and monetary union. In particular, the Commission has submitted a proposal for a directive on cross-border credit transfers within the European Union which, if adopted, will increase efficiency of cross-border payments4. The regulation of trade in financial services between the Community and third States is of increasing importance, following the conclusion of the General Agreement on Trade in Services5.
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Cameron, James, and Kevin R. Gray. "Principles of International Law in The WTO Dispute Settlement Body." International and Comparative Law Quarterly 50, no. 2 (April 2001): 248–98. http://dx.doi.org/10.1093/iclq/50.2.248.
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Unlike the original 1947 General Agreement on Tariffs and trade (GATT), the 1994 Agreement establishing the World Trade Organization (WTO Agreement)1 covers a much wider range of trade. It extends beyond goods and now embraces services, intellectual property, procurement, investment and agriculture. Moreover, the new trade regime is no longer a collection of ad hoc agreements, Panel reports and understandings of the parties. All trade obligations are subsumed under the umbrella of the WTO, of which all parties are members. Member States have to accept the obligations contained in all the WTO covered agreements: they cannot pick and choose.
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Diller, Janelle M., and David A. Levy. "Child Labor, Trade and Investment: Toward the Harmonization of International Law." American Journal of International Law 91, no. 4 (October 1997): 663–96. http://dx.doi.org/10.2307/2998099.
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Growing awareness of the economic exploitation of millions of children around the world has catapulted the issue of child labor into the public eye and brought it to the forefront of debate within governments, international organizations and the business sector. Arousing diverse interests, the debate juxtaposes the multilateral trade regime with international law governing labor standards and human rights. Each of the charters establishing the primary international organizations for cooperation in those areas is premised on the interdependence of economic and social progress. Nonetheless, the legal norms governing the various regimes differ in their scope and application to child labor, and formal linkages do not exist between the multilateral trade regime and international supervisory bodies dealing with labor standards and human rights.
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Martinez, Lucy, and Carmen Martinez Lopez. "Proportionality in Investment Treaty Arbitration and Beyond: An Irresistible Attraction?" BCDR International Arbitration Review 2, Issue 2 (December 1, 2015): 261–87. http://dx.doi.org/10.54648/bcdr2015014.
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The doctrine of proportionality has existed as a definite strand in the fabric of international law for almost a century, even if the contours of that strand are not yet fully defined. This article summarizes the origins and history of the doctrine of proportionality generally, and then more specifically in the context of international human rights law, focusing on jurisprudence from the European Court of Human Rights. Next, we briefly consider the doctrine of proportionality in the context of the General Agreement on Tariffs and Trade, focusing on jurisprudence from the World Trade Organization. We then summarize the comparatively nascent doctrine of proportionality in international investment treaty law, focusing on jurisprudence from tribunals constituted under bilateral investment treaties, multilateral investment treaties, and free trade agreements. Finally, we conclude with potential lessons for investors, states, counsel, arbitrators, activists, and academics.
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SATTOROVA, Mavluda. "Defining Investment Under the ICSID Convention and BITs: Of Ordinary Meaning, Telos, and Beyond." Asian Journal of International Law 2, no. 2 (April 5, 2012): 267–90. http://dx.doi.org/10.1017/s2044251312000112.
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A number of commentators, including Michael Hwang and Jennifer Fong who were featured in a recent issue of this journal,1 have contributed to an ongoing debate about the definition of investment by expressing their support for an objectivist theory or the “outer limits” approach as advocated inSalini v. Morocco.However, this article argues that neither theSalinitest nor the rival subjectivist theory can offer an internally consistent and viable legal framework for determining the existence of an investment. After critically examining existing approaches to defining investments in arbitral practice, international investment treaties, European Union (EU) law, and international trade law, the article considers the role of ordinary and effective interpretation and a telos behind investment treaty instruments in coining a meaningful definition.
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Batifort, Simon. "Remarks by Simon Batifort." Proceedings of the ASIL Annual Meeting 112 (2018): 68–72. http://dx.doi.org/10.1017/amp.2019.71.
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Qian, Xu. "Domestic Investment Laws and State Capitalism." World Trade Review 22, no. 1 (January 13, 2023): 133–46. http://dx.doi.org/10.1017/s1474745622000428.
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AbstractState capitalism and the liberal economic order have had an antagonistic relationship. While the international economic law rules have sought to reduce the role of the state in the economy, state-controlled entities have more recently increased in size and importance – both domestically, as well as internationally. In this connection, the article analyses the effects of state capitalism's expansion simultaneously with the domestic investment law of States. The article analyses the underlying principles of state capitalism in an effort to answer the question of whether domestic laws promoting investment – as defined in the special issue – are positive, negative, or neutral to state capitalists. The article further interprets the trends spawned by the propagation of the liberal international economic order as states realize their development targets and envisage to actively contribute to the regulation of international trade and cross-border transactions globally.
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A. Barr, Noah. "The EU-UK Investment Regime After Brexit: In Search of an Equilibrium?" Global Trade and Customs Journal 17, Issue 4 (March 1, 2022): 146–57. http://dx.doi.org/10.54648/gtcj2022020.
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On 30 December 2020, after eight months of negotiations, the European Union (EU) and the United Kingdom (UK) signed the EU-UK Trade and Cooperation Agreement (TCA). The TCA governs their relationship after Brexit and was provisionally applied from 1 January 2021 until its entry into force on 1 May 2021. It provides for inter alia free trade in goods, limited mutual market access in services, and investment protection. Given the ‘radical shift’ in investment protection at EU level, which materialized in its most recent free trade agreements, foreign investors may have expected clarity as to what type of investment protection would apply post Brexit. This article analyses the investment provisions of the TCA and argues that the UK has embraced the EU ‘new-generation’ approach to international investment protection, by preserving the right to regulate and redefining investment standards and dispute settlement mechanisms. Nevertheless, the TCA remains silent regarding bilateral investment treaties (BITs) between the UK and Member States (former intra-EU BITs), which contain old-generation investment provisions. While some have argued that these BITs may provide the UK with a distinct advantage to structure investments in the EU, their validity remains uncertain, which may potentially generate friction in the EU-UK relations. Brexit, international investment arbitration, WTO dispute settlement system, state-to-state disputes
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Erauw, Gregg. "Trading Away Women’s Rights: A Feminist Critique of the Canada–Colombia Free Trade Agreement." Canadian Yearbook of international Law/Annuaire canadien de droit international 47 (2010): 161–96. http://dx.doi.org/10.1017/s0069005800009863.
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SummaryThe internal conflict in Colombia has resulted in documented violations of human rights and international humanitarian law. In particular, Colombian women and their human rights have been disproportionately impacted by the conflict. It is within this context that the Canada-Colombia Free Trade Agreement (CCFTA) is being proposed, and there is serious concern that Canadian investors could perpetuate the violence or become complicit beneficiaries of human rights violations in Colombia once the CCFTA is ratified. Against this background, this article takes a feminist approach to international investment law to demonstrate that international investment agreements (IIAs) and free trade agreements with investment provisions (FTAs), such as the CCFTA, maintain and reinforce gender hierarchy to the detriment of women’s socio-economic rights, needs, and interests. By engaging in a feminist critique of the CCFTA’s provisions on non-discrimination, performance, expropriation, corporate social responsibility, reservations, investor-state arbitration, and general exceptions, as well as the labour side agreement, the ramifications of international investment law on Colombian women’s rights and women’s rights generally becomes apparent. In order to remedy these shortcomings, recommendations are made to alleviate the potential strain of international investment law and the CCFTA specifically on women’s rights.
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Sacerdoti, Giorgio. "Resolution of international trade disputes in the WTO and other Fora." Journal of International Trade Law and Policy 14, no. 3 (September 21, 2015): 147–56. http://dx.doi.org/10.1108/jitlp-11-2015-0036.
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Purpose – The purpose of this paper is to assess the success of the world trade organisation (WTO) dispute settlement system and its transferability to other fora. Design/methodology/approach – The paper compares the design and case law of trade and investment law, and seeks lessons for the settlement of trade and investment disputes in other fora. Findings – It concludes that despite its shortcomings, the WTO Appellate Body provides vital stability regarding legal interpretations, something notably absent from other fora. Originality/value – The paper offers the perspective of a former Member and Chairman of the WTO Appellate Body on the success of the dispute settlement system.
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Trachtman, Joel P. "Is Migration a Coherent Field of International Law? The Example of Labor Migration." AJIL Unbound 111 (2017): 481–86. http://dx.doi.org/10.1017/aju.2018.1.
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A critical characteristic of migration is that it involves people in all their complexity, and with all their complex needs. Therefore, migration, perhaps more than any other field of international law, is difficult to separate as a body of law from human rights, trade, taxation, investment, health, security, etc. In this brief essay, I will describe two critical, and distinct, linkages that prevent us from cabining migration as a separate field. Both arise in the area of labor migration. Indeed, it is through linkage with other fields of international law, such as trade and investment, that states could establish international legal commitments to liberalize migration.
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Svoboda, Ondřej. "Julien Chaisse (ed.): China's International Investment Strategy: Bilateral, Regional, and Global Law and Policy." Czech Journal of International Relations 55, no. 2 (June 1, 2020): 73–75. http://dx.doi.org/10.32422/mv.1697.
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The phenomenal story of China’s ‘unprecedented disposition to engage the international legal order’ has been primarily told and examined by political scientists and economists. Since China adopted its ‘open door’ policy in 1978, which altered its development strategy from self-sufficiency to active participation in the world market and aimed at attracting foreign investment to fuel its economic development, the underlying policy for mobilizing inward foreign direct investment (IFDI) remains unchanged to date. With the 1997 launch of the ‘Going Global’ policy, an outward focus regarding foreign investment has been added, to circumvent trade barriers and improve the competitiveness of Chinese firms, typically its state-owned enterprises (SOEs). In order to accommodate inward and outward FDI, China’s participation in the international investment regime has underpinned its efforts to join multi-lateral investment-related legal instruments and conclude international investment agreements (IIAs). China began by selectively concluding bilateral investment treaties (BITs) with developed countries (major capital exporting states to China at that time), signing its first BIT with Sweden in 1982. Despite being a latecomer, over time China’s experience and practice with the international investment regime have allowed it to evolve towards liberalizing its IIAs regime and balancing the duties and benefits associated with IIAs. The book spans a broad spectrum of China’s contemporary international investment law and policy: domestic foreign investment law and reforms, tax policy, bilateral investment treaties, free trade agreements, G20 initiatives, the ‘One Belt One Road’ initiative, international dispute resolution, and inter-regime coordination.
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Roberts, Anthea, Henrique Choer Moraes, and Victor Ferguson. "Toward a Geoeconomic Order in International Trade and Investment." Journal of International Economic Law 22, no. 4 (November 25, 2019): 655–76. http://dx.doi.org/10.1093/jiel/jgz036.
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Abstract Recent developments suggest that the international economic order is transitioning away from the Neoliberal Order that has flourished for much of the post-Cold War period toward a new Geoeconomic Order. The shift to this new order, which is characterized by a growing ‘securitisation of economic policy and economisation of strategic policy’, will likely see the rules, norms, and institutions of international trade and investment law undergoing significant change. We expose the differences in the underlying logic of these orders, explore how this shift is being driven by the emerging USA–China tech/trade war, and consider the consequences of this transition for global economic governance.
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Steger, Debra P. "Commentary on the Doha Round: Institutional Issues." Global Economy Journal 5, no. 4 (December 7, 2005): 1850065. http://dx.doi.org/10.2202/1524-5861.1152.
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Commentary on Robert Howse's article "WTO Governance and the Doha Round." Debra Steger is Executive in Residence at the University of Ottawa Faculty of Law where she is working to establish a new institute for international law, economy and security in Canada. Previously, she was Senior Counsel with Thomas & Partners, a law firm specializing in international trade and investment matters. From 1995-2001, she served as the founding Director of the Appellate Body Secretariat of the World Trade Organization in Geneva, Switzerland, during which time she helped to establish the Appellate Body as the first appellate tribunal in international trade. She is Chair of the Trade and Customs Law Committee of the International Bar Association, and has been on the executive of the Trade Committee of the International Law Association for the past 10 years. She is also a member of the Editorial Advisory Board of the Journal for International Economic Law. She participates on the Advisory Council of the UNCTAD Project on Building Capacity through Training in Dispute Settlement in International Trade Investment and Intellectual Property as well as the Governing Council of the World Trade Law Association. During the Uruguay Round of Multilateral Trade Negotiations, she was the Senior Negotiator for Canada on Dispute Settlement and the Establishment of the World Trade Organization as well as the Principal Legal Counsel to the Government of Canada for all of the Uruguay Round agreements. From 1991—1995, she was General Counsel of the Canadian International Trade Tribunal in Ottawa, the agency responsible for administering the antidumping, countervail, safeguards, and government procurement legislation in Canada. Her most recent book is entitled: “Peace Through Trade: Building the WTO” which was published by Cameron May International Legal Publishers in 2004. Steger holds an LL.M. from the University of Michigan Law School, an LL.B. from the University of Victoria Faculty of Law, and a B.A. (Honours) in History from the University of British Columbia.
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Ovuko-Opuco, E. "Legitimacy challenges of trade and investment agreements from a developing country’s perspective." Courier of Kutafin Moscow State Law University, no. 2 (April 10, 2020): 95–108. http://dx.doi.org/10.17803/2311-5998.2020.66.2.095-108.
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The article is devoted to the problems of government regulation and supremacy of law as well as situation of international investment regime in developing countries. The author explores problems of investment treaties and compares existing ways to protect investments on regional level in different countries. There is detailed overview of investor-state dispute settlement mechanisms. The issues are presented from the perspective of developing countries, in particular the African continent. The general conclusion is that for efficiency development of infrastructure by enhancing industries investments it is necessary to increase regional regulation as well as regionalization of regulatory bodies and agencies.
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Chaisse, Julien, and Xueliang Ji. "Stress Test for EU’s Investment Court System: How Will Investments Be Protected in the Comprehensive Agreement on Investment?" Legal Issues of Economic Integration 49, Issue 1 (January 1, 2022): 101–24. http://dx.doi.org/10.54648/leie2022005.
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On 30 December 2020, the European Union (EU) and China agreed in principle to a revamped investment treaty: The Comprehensive Agreement on Investment (CAI). Notably, the EU and China have not decided which investment dispute resolution system will be included under the new agreement. Instead, the EU and China are continuing negotiations on this contentious topic. This article discusses the key features of the proposed investment court system in the context of the CAI negotiations to assess whether China could agree on such a paradigmatic change that would have systemic consequences. The article explains the objective reasons behind China’s partial support for the proposed reforms to the existing investor-state arbitration system. For example, China has supported adding an appellate body without accepting the EU’s full-fledged investment court proposal. Finally, the article identifies the points of convergence and divergence which will shape the CAI negotiations and pave the way to global investor-state dispute settlement (ISDS) reform. comprehensive agreement on investment (CAI), investor-state dispute settlement (ISDS), investment court system (ICS), United Nations Commission on International Trade Law (UNCITRAL Working Group III), Comprehensive Economic and Trade Agreement (CETA), EUVietnam Free Trade Agreement (EVFTA), State-to-state dispute resolution, Achmea case, financial responsibility regulation, European Commission
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Goebel, Roger J. "Legal Practice Rights of Domestic and Foreign Lawyers in the United States©." International and Comparative Law Quarterly 49, no. 2 (April 2000): 413–44. http://dx.doi.org/10.1017/s0020589300064216.
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In the post-World War II international economy, with its enormous growth in transnational trade and investment, multinational legal practice has become a functional reality.1 Within the last two decades, the volume of trans-border legal practice has grown enormously in fields such as trade law, international banking and finance, international arbitration and litigation, international contractual and joint venture arrangements, transborder acquisitions and mergers, international antitrust, international tax planning, and foreign investment counselling. Domestic law firms within the leading commercial nations have not only grown substantially in size, often by merger, they have also increasingly created networks of foreign branch offices, or entered into international association or joint venture relationships with firms in other countries.2
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Koutrakos, Panos. "The Autonomy of eu Law and International Investment Arbitration." Nordic Journal of International Law 88, no. 1 (March 11, 2019): 41–64. http://dx.doi.org/10.1163/15718107-088010003.
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This article argues that, in the context of international investment law, the principle of autonomy need not be construed as broadly as the recent judgment in Achmea suggested. The Court’s approach in this case is formalist, inward looking and hostile to the harmonious co-existence between eu and international law. The article argues, however, that this conception of autonomy should be confined to the specific legal and policy context of investment agreements between Member States of the Union. A careful reading of Achmea supports this view. There are also sound conceptual, legal, and policy reasons that militate for a more open approach to autonomy when it comes to the Union’s trade agreements with third countries.